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How does Skip-a-Pay affect my finance charges?
Frequently Asked Question
Finance charges for amortizing loans will continue to accrue at the rate provided in your original loan agreement. Deferring payment(s) will result in higher total finance charges than if payments were made as originally scheduled; and will extend the terms of loan(s) resulting in extra payment(s) after you loan(s) would otherwise be paid off.
Finance charges for Home Equity Lines of Credit will continue to accrue at the rate provided in your original loan agreement. Deferring payment(s) will result in higher total finance charges than if payments were made as originally scheduled; and will not extend the terms of line of credit draw or repayment period.
